STRATEGIC PRIORITY: Housing & Homelessness Solutions
AGENDA DATE: October 25, 2023
COUNCIL DISTRICT(S):|910|DEPARTMENT: Department of Housing & Neighborhood Revitalization
EXECUTIVE: Majed Al-Ghafry
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SUBJECT
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Authorize the Dallas Public Facility Corporation to (1) acquire, develop, and own Banyan Flats, a mixed-income, multifamily development to be located at 2020 North Beckley Avenue (Project); and (2) enter into a seventy-five-year lease agreement with Bishop Arts JV, LLC or its affiliate, for the development of the Project - Estimated Revenue Foregone: General Fund $2,277,286.00155,356.00 (15 Years of Estimated Taxes For 75 years; see Fiscal Information)
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BACKGROUND
Bishop Arts JV, LLC (Applicant), a Texas limited liability company, submitted an application to the Dallas Public Facility Corporation (Corporation) for the development of Banyan Flats, a 289-unit mixed income multifamily development to be located at 2020 North Beckley Avenue (Project). The Corporation will own the site and improvements and lease the Project back to the Applicant or its affiliate. Pursuant to the Texas Public Facility Corporation Act, Chapter 303 of the Texas Local Government Code, as amended (Act), any public facility owned by a Public Facility Corporation is exempt from all ad valorem taxes. To qualify as a public facility, pursuant to the Act, a multifamily property must reserve at least 50% of the units for residents earning at or below 80% of the Area Median Income (AMI). The Project will reserve 40% of the units for residents earning less than 80% AMI, 10% of the units for residents earning less than 60% AMI and 50% of the units will be market rate.
The Applicant will be a limited liability company owned by Bishop Arts JV, LLC (Banyan Residential). Banyan Residential is a Texas-based real estate development and construction company that is actively developing a portfolio of multifamily proper...
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